Asia's richest man to buy Ironman triathlon series

China’s Dalian Wanda Group, chaired by Asia's richest man, Wang Jianlian, has agreed to buy the Ironman triathlon series of races from Providence Equity Corp. for $650 million.

The deal includes an assumption of debt for World Triathlon Corp., owner of the Ironman brand and races.

According to the Wall Street Journal, Providence bought WTC in 2008 and transformed it from a licenser of the Ironman brand to an owner and operator of races. It now runs some 200 races.

Read more from the Wall Street Journal.